Highlights
Cars24 Appoints Himanshu Ratnoo as CEO for Used Cars India
Cars24, a leading e-commerce platform specialising in pre-owned vehicles, has appointed Himanshu Ratnoo as the Chief Executive Officer (CEO) of Used Cars India. The announcement was made by Vikram Chopra, the founder and CEO of CARS24, via an internal email to the staff.
Responsibilities and Initiatives
In his new position, Ratnoo will be responsible for:
- Overseeing the company’s C2B (Consumer-to-Business) and retail operations
- Focusing on scaling growth
- Driving innovation within the company
Notable initiatives led by Ratnoo include:
- Developing franchise models
- Implementing lead monetisation strategies
- Revamping the approach to luxury car transactions
CARS24 Services
CARS24 offers a comprehensive range of services, making it a unique super app in the used vehicle market, including:
- Buying and Selling
- Loans and Insurance
- Driver on Demand
- FASTag and Challans
- Vehicle Scrapping
Additionally, CARS24 Financial Services provides a variety of lending products for vehicles to its customers.
Financial Performance
After a modest growth period in FY23, Cars24 achieved an impressive 25% year-on-year growth, reaching Rs 6,917 crore for the fiscal year ending March 2024. However, the company’s net losses were reported at Rs 498.4 crore, with an adjusted EBITDA of Rs 318.8 crore in FY24.
Funding Status
Cars24 has not secured external funding in the past three years. The last round of funding took place in December 2021, when the company raised $450 million, achieving a valuation of $3.3 billion. Major investors include:
- Alpha Wave
- SoftBank
- Tencent
- DST Global